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Love, Bonito, the female fashion brand started in Singapore, is eyeing its first physical store in the United States in 2023, as well as an initial public offering some time down the line, Reuters reported.

Dione Song, 33, chief executive of Lovebonito Holdings, told Reuters on Oct. 18 that a team has been set up for its entry into the U.S.: “The U.S. is really one of the big bet markets for us that we want to double down on.”

She added: “There is a huge Asian diaspora market, Asian expats, Asian population there -- they really want the right products that can really fit them well, that really speak to them.”

Song also said Lovebonito Holdings’ plans for an initial public offering were “definitely in the midterm horizon”.

She said: “We are moving towards that direction.”

She declined to give specifics though, according to Reuters.

A valuation of the company was not reported, with Reuters citing its inability to obtain a valuation of the company as a reason.

Background

Lovebonito Holdings, founded in 2010 and backed by investors, is the owner of Love, Bonito, which currently has 16 stores across Singapore, Malaysia, Indonesia, Cambodia and Hong Kong.

Investors in Lovebonito Holdings include Chinese private equity firm Primavera Capital, an early investor in billionaire Jack Ma’s Ant Group.

The private equity firm led a US$50 million (S$71.3 million) funding round in Lovebonito Holdings in October 2021.

Other investors include Singapore-based Openspace Ventures, Japanese comparison-shopping site Kakaku.com, Shanghai-headquartered venture capital firm Ondine Capital, and Japanese fashion chain store Adastria.

Days prior to this news, Lovebonito Holdings announced the acquisition of butter, a women-led activewear brand, and a small investment in Moom Health, a Singapore healthcare start-up.

The deals were made for undisclosed sums.

Top photo via Love, Bonito